UAE Owned Talc Investment, Del Monte Announced Banana Partnership in Somalia

  Fresh Del Monte and Talc Investment Announce Banana Partnership in Somalia

           Partnership aims to relaunch Somalian banana production

Business Wire

MIAMI -- February 2, 2023

Fresh Del Monte Produce Inc., one of the world’s leading vertically integrated
producers, marketers, and distributors of high-quality fresh and fresh-cut
fruits and vegetables, and Moze Holding Limited, a Talc Investment company,
are pleased to announce the signing of a Somalia-based, multi-year banana
partnership located in the heart of the previously famed banana belt area.
This partnership will not only significantly reduce banana transport times,
giving consumers in the Middle East and North Africa (MENA) access to fresher,
lower-cost fruit, but will also aid in Somalia’s economic resurgence.

This press release features multimedia. View the full release here:

As part of the agreement, Fresh Del Monte will have operational oversight and
train the team on the ground. In return, the global produce distributor will
purchase its banana supply directly from Moze, the newly established banana
farm. The fruit will be sold and marketed under the Fresh Del Monte brand for
its markets in the Middle East, with the first harvest expected in 2024.

“We are pleased to officially announce this partnership, which we believe is a
game-changer for the banana industry in the region,” said Mohammad
Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO. “The move to reestablish
banana operations in Somalia makes sense on many accounts – from its strategic
location on the Horn of Africa to fulfilling our mission of supplying our
consumers with the freshest produce available – all while aiding in the
country’s recovery.”

Before the onset of its civil war in the 90s, Somalia was once a main hub for
banana exports in Africa to European and Middle East markets, with production
reaching its peak in the late 1980s to early 1990s.

“The Moze and Talc teams are delighted to work with a renowned name in
agriculture, such as Fresh Del Monte, to revive the banana cultivation farms
in Somaliland. This multi-purpose approach will serve the communities in the
Horn of Africa, the Middle East, and the United Arab Emirates. Our intent is
to build on this partnership in the near future as we look forward to a
fruitful relationship,” said Mohammed Aldhaheri, Moze Holding and Talc
Investment Chairman.

Currently, bananas to the Middle East come from Central America or the
Philippines, with average transit times ranging from 20 to 35 days.

About Fresh Del Monte

Fresh Del Monte Produce Inc. is one of the world's leading vertically
integrated producers, marketers, and distributors of high-quality fresh and
fresh-cut fruit and vegetables, as well as a leading producer and distributor
of prepared food in Europe, Africa, and the Middle East. Fresh Del Monte
markets its products worldwide under the DEL MONTE® brand (under license from
Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness,
and reliability for over 135 years. The company also markets its products
under the MANN™ brand and other related trademarks. Fresh Del Monte Produce
Inc. is not affiliated with certain other Del Monte companies around the
world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte
Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte
is the first global marketer of fruits and vegetables to commit to the
“Science Based Targets” initiative. In 2022, Fresh Del Monte Produce was
ranked as one of “America’s Most Trusted Companies” by Newsweek based on an
independent survey rating companies on three different touchpoints, including
customer trust, investor trust, and employee trust. Fresh Del Monte Produce is
traded on the NYSE under the symbol FDP.

About Moze Holding Limited

Moze Holding Limited is a new banana grower established in Somaliland. The
company has acquired a large plot of land in the heart of the previously
well-known banana territories in the province of Somaliland. Given the history
of banana cultivation from the region, Moze Holding Limited will leverage
several of the area’s advantages, including the proximity to seaports from the
farm and access to markets in the Middle East. Moze Holding Limited is wholly
owned by Resources Investment Ltd. from the UAE, a Talc Investment company.

Source: Bloomberg

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